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so some people are giving more and deciding "i'm going to get the tax break now and do it while it's a good thing for sure" and some people are putting off the decision deciding they isle give more later. so we're seeing a mixed bag but it's a tough time because this is the time of year when most people are doing a lot of charitable giving. >> ifill: let me get your name right this time, jackie, and ask you about federal employees. they are affected by this. there are furloughs, cutbacks, tell me what people are thinking. >> well, federal employees are in the uniquely bad position of facing peril regardless of whether there's a deal. or whether sequestration and the fiscal cliff occurs. >> ifill: the across-the-board cuts. why does it work that way? >> in the event no deal is made and we do have the automatic cuts known as sequestration starting in january, federal employees face job loss and in some situations-- certainly in the department of defense-- but throughout the federal government people will be furloughed, forced to take unpaid days off, anywhere from 20 to 50 days. we rea
so some people are giving more and deciding "i'm going to get the tax break now and do it while it's a good thing for sure" and some people are putting off the decision deciding they isle give more later. so we're seeing a mixed bag but it's a tough time because this is the time of year when most people are doing a lot of charitable giving. >> ifill: let me get your name right this time, jackie, and ask you about federal employees. they are affected by this. there are furloughs,...
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Jan 1, 2013
01/13
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the estate tax would rise to 40%. emergency unemployment benefits would be extended for another year. the alternative minimum tax would be adjusted for inflation permanently. and, in an effort to boost the economy, small businesses would be eligible for another year of bonus depreciation when they buy equipment. the big hang up is what to do about the sequester-- $110 billion in automatic spending cuts in defense and domestic programs that begin at midnight. democrats want to postpone the cuts for a year or more. republicans for just a few months. >> i think there are some republicans who believe there is no other trigger that will force another full scale debate on spending. >> the president says taxincrea. cutting spenting next year. >> iif they think that is thefos thing they have another think coming. that is not how it's going to work. we have to do this in a balanced and responsible way. and if we are serious about debt reduction then it's going to be a matter of shared sacrifice. that outraged republicans that
the estate tax would rise to 40%. emergency unemployment benefits would be extended for another year. the alternative minimum tax would be adjusted for inflation permanently. and, in an effort to boost the economy, small businesses would be eligible for another year of bonus depreciation when they buy equipment. the big hang up is what to do about the sequester-- $110 billion in automatic spending cuts in defense and domestic programs that begin at midnight. democrats want to postpone the cuts...
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Jan 1, 2013
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ccmessafter the senate overwhelming apprrved a last- inute package that pould keep the expiiing bush- era tax cuts in place for individuall earning less than 400-thousand dollars... or couples making less ttann450---. vice president joe biden delivered the news of a deal to ddmoccratiiclawmakees. the paakage blocks ssending puts forrtwoomonths, extends unemployment bennfits for the long-term jjbless, prevents a 27 perccnt cuttin fees for doctors who treat medicare patients and prevents a spike in milk prices. aa members f connress from for - taking effect in march. theyyffnally reached an hht agreement. whole sst: orking through the deal.... ..... this hd reppclibans are ready for. for the house is expected to vote on the prooosal either todayy or tomorrow. it's not just the fiscal cllff... lawmakers also have to worry about the debb legal borrowing limit of 166point-4 trillion dolllrs yesserday.the treasury depaatment is taking measures to buy time until the end of february.they include... suspending some investments in benefit funds for feeeeal workers.but afterrthat... the treasury wwll no
ccmessafter the senate overwhelming apprrved a last- inute package that pould keep the expiiing bush- era tax cuts in place for individuall earning less than 400-thousand dollars... or couples making less ttann450---. vice president joe biden delivered the news of a deal to ddmoccratiiclawmakees. the paakage blocks ssending puts forrtwoomonths, extends unemployment bennfits for the long-term jjbless, prevents a 27 perccnt cuttin fees for doctors who treat medicare patients and prevents a spike...
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Dec 27, 2012
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in government revenue despite tax increases. he says he has to form budgets carefully to prevent a recurren recurrence. chief cabinet secrary s shi hirasuda spoke out against the next bank of japan governor and says it should be someone to -- views on ending deflation. the current governor will step down in april when his term expires. cabinet ministers can appoint the new governor with diet approval. >> the prime minister has stated his views on pulling our country out of deflation since he became ldp leader. i think it's only natural to choose a person who shares such ideas. >> suga said abe gave instructions for a large scale a budget for this fiscal year. he hopes it will boou the flagging economy. the south korean president elect said she would tackle the growing disparity between the giant conglomerates and smaller businesses. she's now trying to keep the election promise. she met representatives of an association of smaller companies and merchants. she said she wants to protect the interests of smaller businesses by crack
in government revenue despite tax increases. he says he has to form budgets carefully to prevent a recurren recurrence. chief cabinet secrary s shi hirasuda spoke out against the next bank of japan governor and says it should be someone to -- views on ending deflation. the current governor will step down in april when his term expires. cabinet ministers can appoint the new governor with diet approval. >> the prime minister has stated his views on pulling our country out of deflation since...
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Jan 1, 2013
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tax...there could be a 5- million dollar eeemption on amount....thh tax rate would go from 5 tt 0-percent percent...and the sequester will apparently be deeayed... whiieethe fiscal cliff resolution hangs in tte &pbalance...americans could soo breatte a sigh of relief when it comes to milk prices. prices.lawmakerssagreed to sign a one year extension of the u-s arm bill... that would ssop prices from douuling in 2013.the house of representatives' the agricuuturr coomittee...the nnxt step is to see if it will be passed by the house and penate... and the be signed by the president. here's a live look at the capitol tonight...we'll take a look at just how álittleá lawmakers inside that building got done this year..in 10 minutes... on fox45 news at ten it was a violent weekend in baltimore.... as olice investigate four separate shoot. shootings. the latest involves a man shot in of reisterssown road and bryant avennu. we were on the arrived just after 5:30 last piggt. thee found the man with multiple gun shot wounds... the investiiation backed up for lues. police havvn't released any inffrmat
tax...there could be a 5- million dollar eeemption on amount....thh tax rate would go from 5 tt 0-percent percent...and the sequester will apparently be deeayed... whiieethe fiscal cliff resolution hangs in tte &pbalance...americans could soo breatte a sigh of relief when it comes to milk prices. prices.lawmakerssagreed to sign a one year extension of the u-s arm bill... that would ssop prices from douuling in 2013.the house of representatives' the agricuuturr coomittee...the nnxt step is...
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Dec 27, 2012
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than that i'm just worried about policy mistakes and the biggest ones for me would be if they let a tax increase be across the board for everybody and, in the energy area, if take really come down hard on fracking which has been a very important asset for our country. >> all right, sorry we have to leave it there. an interesting conversation. thank you very much wane. best wishes for the new your. wayne kufman of john thoma fiancial thanks a lot >> susie: the fiscal cliff isn't the only drama playing out for the u.s. economy: there's also the "container cliff". 14 ports along the u.s. east and gulf coasts are at risk of closing if longshoremen and the international maritime alliance cannot reach a deal by saturday. federal mediators have been called in to help with last minute negotiations. at the heart of the dispute: container royalties. those fees charged to shippers were implemented in the 1960s to help dock workers displaced by technology. the maritime alliance wants the royalties capped. earlier this month a port strike in southern california, cost an estimated $1 billion a day. n
than that i'm just worried about policy mistakes and the biggest ones for me would be if they let a tax increase be across the board for everybody and, in the energy area, if take really come down hard on fracking which has been a very important asset for our country. >> all right, sorry we have to leave it there. an interesting conversation. thank you very much wane. best wishes for the new your. wayne kufman of john thoma fiancial thanks a lot >> susie: the fiscal cliff isn't the...
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Dec 29, 2012
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thpresident declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there, it seems unlikely that we're going to get something done before the end of the year. >> susie: you know thanks for that report. i am just wondering from all of the reporting you have done, do you think we are better
thpresident declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will...
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Dec 28, 2012
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this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making progress. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in the first half of 2013. i think still there's a 51% chance, if you ask me, that we avert the cliff but those are uncomfortablably low chances of success. >> we have seen some progress in the economy, in the housing sector, in the auto sector, in the job market. if we do go over the cliff, what happens to the progress that has been made in those sectors? and consumer spending spending d confidence as well? >> well, what i would most likely anticip
this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making...
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Dec 29, 2012
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it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several participants were seen leaving. >> and back at the capital the senate's democratic majority leader harry reid and republican minority leader mitch mcconnell offered their takes on the meeting. >> we had a good meeting down at the white house. we are engaged in discussions, the majority leader, myself and the white house, in t hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. and so we'll be working hard to try to see if we can get there in the next 24 hours. and so i'm hopeful and optimistic. >> whateve
it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several participants...
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Dec 26, 2012
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wealth yearl people will see an additional tax-- an additional medicare tax. their payroll tax will if up by .9%, and there label tax for the first time on non-wage income in medicare for people who earne. over $200,000 for an individualo $250,000 for a couple. there will be a tax on investment income for the first time. there will also be a limit onpe what you can put aside in the so-called flexible spendings account. these are places you can putan pretax money. basically it hundreds you pay for things that your insurance doesn't cover, things liketi orthodontia, perhaps, or eye glass or your deductibles and co-pays on your insurance plans.,0 usually there could be no limitn or a large limit of $5,000, $6, 000, and that's being cut toar $4500. those are a couple of thingshi people will experience next20 year. >> suarez: which means you'll have plenty of work to do in 2013. >> i will have plenty of work to do in 2013. >> suarez: npr's julie rovner, thanks a lot. it >> ifill: next, protecting civilians in a conflict zone with eyes and a notepad.n the island of
wealth yearl people will see an additional tax-- an additional medicare tax. their payroll tax will if up by .9%, and there label tax for the first time on non-wage income in medicare for people who earne. over $200,000 for an individualo $250,000 for a couple. there will be a tax on investment income for the first time. there will also be a limit onpe what you can put aside in the so-called flexible spendings account. these are places you can putan pretax money. basically it hundreds you pay...
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Dec 25, 2012
12/12
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parker says oakland has already heavily invested in system to tax and regulate dispensaries. >> we laugh a great deal of time and energy and money setting up this system that is consistent with california law. and is a tragic way of the government's resources. >> but others say potash shops never should have been able to open 2349 first place. >> federal law, law of the land or is it law, that's the bottom line. >> carla lowe is citizens against legalization of marijuana. a lobbying group based in sacramento. pot is unsafe and ineffective. not a -- an 'digtive, dangerous drug. >> not a medicine. always been a joke, a cruel hoax, always has been, always will be. f.d.a. will never approved it for any product to be deemed a medicine. >> with the recent legalization of medical marijuana in washington and colorado national leaders are re-examining pot policies. the justice department soon expected to issue a response which now allow adults 21 and old tore possess up to one ounce legally. on capitol hill, senate judiciary chairman patrick leahy called for congressional hearings on the issue an
parker says oakland has already heavily invested in system to tax and regulate dispensaries. >> we laugh a great deal of time and energy and money setting up this system that is consistent with california law. and is a tragic way of the government's resources. >> but others say potash shops never should have been able to open 2349 first place. >> federal law, law of the land or is it law, that's the bottom line. >> carla lowe is citizens against legalization of...
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Jan 1, 2013
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. >> the deal will increase estate tax and bring back clinton era tax cuts. fromhouse holds earning 250 thousand dollars a year reportedly to those making 4 hundred and 50 thousand dollars. frustratedrepublicans say while the deal will probably pass, it's not ideal. >> i personally don't like it because i think we're kicking the can down the road and not addressing the real crisis in the country which was not the fiscal cliff, it's a debts crisis. >> the spending cuts that were a sticking point are now postponed for two months at least. >> much more to come on this. stay with abc2 news for late breaking details out of washington. when we're not on the air you can get updates on abc2news.com. you can also find a guide on what the deal could mean for your wallet. if youhaven't checked your tax standing with the homestead tax credit, you better do it, today is the last day. you can turn in your tax application on wednesday in person at the state tax office in baltimore city. new tonight, we have pictures of two teams -- teens arrested charged with beating anothe
. >> the deal will increase estate tax and bring back clinton era tax cuts. fromhouse holds earning 250 thousand dollars a year reportedly to those making 4 hundred and 50 thousand dollars. frustratedrepublicans say while the deal will probably pass, it's not ideal. >> i personally don't like it because i think we're kicking the can down the road and not addressing the real crisis in the country which was not the fiscal cliff, it's a debts crisis. >> the spending cuts that...
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Jan 1, 2013
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about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and with the republican majority leader. they said a few moments ago that there will be a vote sometime before midnight tonight, no guarantee it will pass. whatever happens we are going over that cliff. >> happy new year. >> reporter: vice president joe biden met with democrats after 9:18 p.m. monday night to brief them on a agreement that would raise tax rates on individuals making more than $400,000 and couples making more than $450. the deal allows tax cults to expire -- cuts to expire. >> extend unemployment insurance to 2 m
about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and...
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Dec 31, 2012
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. >> i think he is held and on raising taxes. -- hell bent on raising taxes. >> word was spreading on capitol hill of a possible compromise. but the president went to the podium warning republicans he would not go any further with more spending cuts without more tax have to be a matter of shared sacrifice. at least as long as i am president. i am going to be present for the next four years. >> that left some curious republicans grumbling that the president wanted to kill the deal. the president had every right to criticize congress. >> the present is an absolute right to make sure he keeps us focused on getting this done. >> mcconnell was still urging fellow republicans to stand down and move forward in order to beat the midnight deadline. >> we can do this. we must do this. >> it is a major step forward and i think it might calm the markets until the house acts. >> you heard john mccain. they hope the senate can act by tonight. they're trying to schedule a vote and reach an agreement on a compromise. it is not clear whether the house will vote tonight. what is inside disagreements --
. >> i think he is held and on raising taxes. -- hell bent on raising taxes. >> word was spreading on capitol hill of a possible compromise. but the president went to the podium warning republicans he would not go any further with more spending cuts without more tax have to be a matter of shared sacrifice. at least as long as i am president. i am going to be present for the next four years. >> that left some curious republicans grumbling that the president wanted to kill the...
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Dec 31, 2012
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on where to set higher rates for wealthier americans and avoid a jump in inheritance taxes. vice president joe biden is taking over as lead negotiator for the democrats. >> still time left to reach an agreement. we intend to continue negotiations. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> if a deal is not reached by midnight tonight, taxes go up for 9 out of 10 americans and 2 million people without jobs will not get unemployment insurance starting tomorrow. sharp cuts in defense spending and domestic programs will kick it in on january 2nd. >>> if nothing else, it looks like there will be a deal to keep the price of milk from skyrocketing. they have both agreed to an extension. that deal will avert a spike in milk prices to as much as $8 a gallon. the plan still has to be put to a vote in the house and senate sometime today. >>> we're following a developing story this morning. secretary of state hillary clinton will remain in a new york hospital today so doctors can treat her for a blood clot. they discovered the clot yesterday
on where to set higher rates for wealthier americans and avoid a jump in inheritance taxes. vice president joe biden is taking over as lead negotiator for the democrats. >> still time left to reach an agreement. we intend to continue negotiations. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> if a deal is not reached by midnight tonight, taxes go up for 9 out of 10 americans and 2 million people without jobs will not get unemployment...
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Jan 1, 2013
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. >> so local governments have even higher taxes and the bay area taxes in el cerrito and union city are now at 9.5%. >>> there are also a number of new laws set to go into effect today. drivers in california can now text and email while driving if they use a voice-operated system. other laws restrict banks from pursuing so-called dual track foreclosures. and there are also several measures designed to ensure the safety of natural gas pipeline. but there's one contested measure that's still on hold a ban on gay conversion therapy. it will not go into effect because of a federal appeals court issuing a stay. >>> chp out in force last night looking for anyone who shouldn't be on the roads and here's a sobering thought. a dui can cost you up to $7,000. cbs reporter mark strassmann shows how some new technology could put the brakes on drunk driving. >>> reporter: >> so we want to take this device and implement it in the car. >> reporter: bud is leading a team creating technology that might prevent 10,000 drunk driving deaths a year. unlike this existing breathalyzer test for convicted dr
. >> so local governments have even higher taxes and the bay area taxes in el cerrito and union city are now at 9.5%. >>> there are also a number of new laws set to go into effect today. drivers in california can now text and email while driving if they use a voice-operated system. other laws restrict banks from pursuing so-called dual track foreclosures. and there are also several measures designed to ensure the safety of natural gas pipeline. but there's one contested measure...
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the estate tax would rise to 40%. emergency unemployment benefits would be extended for another year. the alternative minimum tax would be adjusted for inflation permanently. and, in an effort to boost the economy, small businesses would be eligible for another year of bonus depreciation when they buy equipment. the big hang up is what to do about the sequester-- $110 billion in automatic spending cuts in defense and domestic programs that begin at midnight. democrats want to postpone the cuts for a year or more. republicans for just a few months. >> i think there are some republicans who believe there is no other trigger that will force another full scale debate on spending. >> the president says taxincreases should. cutting spenting next year. >> ifif they think that is theformula for how we solve this thing they have another think coming. that is not how it's going to work. we have to do this in a balanced and responsible way. and if we are serious about debt reduction then it's going to be a matter of shared sacri
the estate tax would rise to 40%. emergency unemployment benefits would be extended for another year. the alternative minimum tax would be adjusted for inflation permanently. and, in an effort to boost the economy, small businesses would be eligible for another year of bonus depreciation when they buy equipment. the big hang up is what to do about the sequester-- $110 billion in automatic spending cuts in defense and domestic programs that begin at midnight. democrats want to postpone the cuts...
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tax hike spending cut we told you about. we have mr. on that deal on 7 morning news beginning at 4:30 am and of course on our web site but again senate voted to pass that deal. >>> back now to new year's eve. getting ready for our own fireworks ferry building on embarcadero on san francisco. spencer here with life doppler 7 hd. lacks pretty good. it does. clear out there as we see. moisture early in the evening offshore moved well to our south. skies clearing. trems falling however pretty chilly out there. 32 degrees fairfield. 35 in nap a.36 livermore here in san francisco relatively mild 48 degrees and falling. so here's a look what we expect conditions to be like at midnight fireworks begin. we'll have chilly conditions mainly clear skies. temperatures in the low to mid 40's so it's cool and brisk tout but i don't think that will deter the revellers from enjoying the new year's eve fireworks and the weather. i have more coming up a little bit later dan. >> excellent. thanks very muc much. >> with the start of new year hundreds of if
tax hike spending cut we told you about. we have mr. on that deal on 7 morning news beginning at 4:30 am and of course on our web site but again senate voted to pass that deal. >>> back now to new year's eve. getting ready for our own fireworks ferry building on embarcadero on san francisco. spencer here with life doppler 7 hd. lacks pretty good. it does. clear out there as we see. moisture early in the evening offshore moved well to our south. skies clearing. trems falling however...
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Dec 29, 2012
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the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real money. lost 3,000, $4,000. december is traditionally a good month for the markets. >> and for home sales. here's what the president had to say about that. >> america wonder why it is, in this town for some reason, you can't get stuff done in an organized timetable. why everything has to wait until the last minute. we're now at the last minute. the economy is growing. the housing market is recovering. but that could be impacted if folks are seeing smaller paychecks. >> bianna what is about that momentum in the housing market, is that at risk? >> it is. take
the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real...
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Dec 31, 2012
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they will be able to dial backbc the tax hikes in the daily or two.il shawn? >> thank you.u. >>> mark joins us.ns from are reports that we know now there will not be a house vote on the fiscal cliff packagk tonight. what are you hearing? what are the chances in what's going on? >> the u.s. congress has taken incomplete, remember that, you would call the registrar and, or your professor, and you took an incomplete, and that's what they've done. mcdonnell and the democratsdemo could get something done in terms of taxes, and it's a stage of process, but in terms of the whole bargain, they want more time of the what republicans didn't want to have blamedblam monday them is that they increased taxes on the middle class, and so maybe tim kainey was prophetic.ti he said let's just settle atse 500,000.tt they settled at 450,000, and noo move to the tougher stuff later. >> we've seen a lot of frustration and it's not justjus the americans who will be affected. lawmakers also fed up, maryland senator, the longer serving woman in the senate, said i, lived through 9/11, i
they will be able to dial backbc the tax hikes in the daily or two.il shawn? >> thank you.u. >>> mark joins us.ns from are reports that we know now there will not be a house vote on the fiscal cliff packagk tonight. what are you hearing? what are the chances in what's going on? >> the u.s. congress has taken incomplete, remember that, you would call the registrar and, or your professor, and you took an incomplete, and that's what they've done. mcdonnell and the...
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Dec 27, 2012
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does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the kelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort of risk management systems these banks have in place? are they planning for the next ceo? are they communicating to the employees what sort of risks they want to undertake? gerri: didn't we see that with jpmoan chase? they made the big a big bet and lost a ton of dough? >> exactly. you can consider regulators are trying to take a more holistic approa -- pardon me for using outward. gerri: if they only knew how. they are so far away from what really goes on in these prints. it's hard for them to even understand businesses. how likely do you think it
does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the kelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort of...
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Dec 31, 2012
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the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when senate gets back network. where are they divided inspecifically divided at what salary taxes should increase but there was progress in terms of tax increases for the wealthiest of americans, also avoiding the inheritance tax increases and democrats say that they are grateful republicans have given up a demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too suborn on tax increase and just yesterday republicans slammed democrats for
the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic...
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Jan 1, 2013
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that's a big tax increase. >> the payroll tax holiday is going to effect folks. this is a dedicated tax that goes to fund social security. when they took the 2 percent out of social security we were funding the program through deficit spending. you probably shouldn't be continuing this temporary program for another year when social security has plenty of fiscal challenge of its own. >> you sport that move to let that lapse? >> i think it's a good policy to let the tax holiday expire. >> the tax stays for 400 for individuals 450 for households. it goes 20 percent above that threshold. there are people who say eerie time we raise that capitol gains tax total revenues for capitol gains go down because people cut back investments which hurts the entire economy. what say you? >> this is about the art of compromise. when congress waits until the last minute to address a bill here we are january 1st and they are addressing a bill that expired last night. >> you mentioned the debt kreeging we hit it yesterday. we had security measures in effect. that will put it off for
that's a big tax increase. >> the payroll tax holiday is going to effect folks. this is a dedicated tax that goes to fund social security. when they took the 2 percent out of social security we were funding the program through deficit spending. you probably shouldn't be continuing this temporary program for another year when social security has plenty of fiscal challenge of its own. >> you sport that move to let that lapse? >> i think it's a good policy to let the tax holiday...
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Dec 31, 2012
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eight prevent a tax increase. clear differences remain. seene odds are we have not the leadership on either side of e to solve this problem. is a contraction economy. loss of jobs which could be well in addition to the people already on unemployment. >> the senate reconvenes 11:00 on monday. the president's heerview earlier today, the issue of guns. the president said the day of newtown shooting was the t of his presidency. onlyam skeptical that the is putting more guns in schools. the vast majority of the people are skeptical. >> the president has pledged to behind full weight preventing aimed at the violence. president hugo f. chavis is 's hugo chavez delegate -- delicate. has says hesident in cuba.in >> it is a bitterly cold night. >> one of the coldest nights of the year. >> temperatures continued to we move to the next several hours. the winds have finally diminished. s.ear skie it allowed temperatures to fall quickly. highest i could find, southern maryland, 22 miles per hour. mainly clear and cold waking up
eight prevent a tax increase. clear differences remain. seene odds are we have not the leadership on either side of e to solve this problem. is a contraction economy. loss of jobs which could be well in addition to the people already on unemployment. >> the senate reconvenes 11:00 on monday. the president's heerview earlier today, the issue of guns. the president said the day of newtown shooting was the t of his presidency. onlyam skeptical that the is putting more guns in schools. the...
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Dec 28, 2012
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trying to cut taxes. if you are not happy to have -- >> bob: i think the republicans trying to do something good is absurd. >> greg: look at harry reid. eloquence of a bails bondman. we elected gluttons to guard a fridge. >> kimberly: midnight raiding it. i was thinking frat boy to guard the bar but i went with the glutton. >> eric: both sides, though. >> andrea: the republicans can't do anything. they get blamed for everything. everything we agree with is courageous. >> greg: when private unemployment reaches double digits. >> andrea: coming up, mayor rahm emanuel -- rahm. why did i call him that? tore in nra for calling armed guards at school to keep america's chirp safe. greg will tell us why that is ironic for him and why the nickname is "ram" next on "the five." ♪ ♪ ♪ ♪ ♪ ♪ >> greg: according to bretbaffert news, the school has armed police officer. any sane parent would like that. like mayor rahm emanuel who sends the children to the school. or he said it's wrong to allow the same thing
trying to cut taxes. if you are not happy to have -- >> bob: i think the republicans trying to do something good is absurd. >> greg: look at harry reid. eloquence of a bails bondman. we elected gluttons to guard a fridge. >> kimberly: midnight raiding it. i was thinking frat boy to guard the bar but i went with the glutton. >> eric: both sides, though. >> andrea: the republicans can't do anything. they get blamed for everything. everything we agree with is...
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Jan 1, 2013
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estate tax...ovvr that aaount... the tax rate would go from 35 to 40-percent wwll apparently be delayed for two monnhs...the delay will be &ppaid for by 12 billion dollars in new revenue and 12 billion dollars in spending cuts 3 2012 turned out to be a far more deadlier year in baltimore city. the last murderrvictim of 2012 died just 14 minutes before the neww year.. tonnght... crime and justiceereporter joy lepola 3 bring that number ddwn. 3& in 2011, the city saw a 3 thaa 2-hundred people were murdered.. record that fell by the wayside t the trike of midnight. thii in a city deemed the 7th deadliest byy forbes magazine. ((pkg))19:19:442(gessler sound))-johny mcfadden 62... kendal stetten 27 they are theenames of those whh were murdered in - baltiiore city in 2012. 3 just before the ewwyear was &pushered in. 217 lives lost.... 20 more compared to the - historic low of 2011. 18:57:33(gessler -batts) we -3can ddop that number below 197 & 197 are still too many lives being loss... too me brothers - uncles ttoomany fath
estate tax...ovvr that aaount... the tax rate would go from 35 to 40-percent wwll apparently be delayed for two monnhs...the delay will be &ppaid for by 12 billion dollars in new revenue and 12 billion dollars in spending cuts 3 2012 turned out to be a far more deadlier year in baltimore city. the last murderrvictim of 2012 died just 14 minutes before the neww year.. tonnght... crime and justiceereporter joy lepola 3 bring that number ddwn. 3& in 2011, the city saw a 3 thaa 2-hundred...
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Dec 31, 2012
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there's divide on taxes. the white house wants to raise tax rates on people making more than $250,000 a year and republicans want to keep the estate tax from going up. >> if we're not able to reach an agreement, it will be dire. >> reporter: if there's no deal today, the average american family will start the year with a $3400 tax hike. paula and john? >> tahman bradley reporting live from washington this morning. thanks, tahman. happy new year to you. >> reporter: same to you. >>> the president called the shooting at newtown was the worst day of his presidency. and pledged to put his full weight behind legislation aimed at preventing gun violence. he said he was skeptical of the nra's proposal to put armed guards in every school. >>> a bus crash on an oregon highway has killed nine people and injured others. the tour bus lost control on interstate 84 yesterday morning. it happens in a treacherous section of the blue mountains called dead man pass as the bus was heading back to vancouver from las vegas. the d
there's divide on taxes. the white house wants to raise tax rates on people making more than $250,000 a year and republicans want to keep the estate tax from going up. >> if we're not able to reach an agreement, it will be dire. >> reporter: if there's no deal today, the average american family will start the year with a $3400 tax hike. paula and john? >> tahman bradley reporting live from washington this morning. thanks, tahman. happy new year to you. >> reporter: same...
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Dec 30, 2012
12/12
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WMAR
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if it doesn't every body income tax also go up. average family would pay an extra $3446 more in 2013. and farm programs would expire. potentially doubling the price of milk. and if congress doesn't pass a new bill. >> we will come back with a new congress in january 4th and the first bill that will be introduced will be class families. >> reporter: the bargaining continues tonight. abc news, new york. >> for more on the fiscal cliff we have you covered. go to abc2news.com. head to the home page slide show for breakdown of what difference scenarios in -- difficulty scenarios in washington -differ scenarios in washingtoncould different scenarios could mean in washington. >>> look at the flames shooting from this house. investigators say a 4-year-old saw the fire and told his grandmother because his parents were not home. man inside tried to put it out- - -- a man inside tried to put piet out but the flames were too intense. no one was injured but the fire caused more than $100,000 worth of damage to the house. >>> a 33-year-old man w
if it doesn't every body income tax also go up. average family would pay an extra $3446 more in 2013. and farm programs would expire. potentially doubling the price of milk. and if congress doesn't pass a new bill. >> we will come back with a new congress in january 4th and the first bill that will be introduced will be class families. >> reporter: the bargaining continues tonight. abc news, new york. >> for more on the fiscal cliff we have you covered. go to abc2news.com....
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Dec 28, 2012
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it has been reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes, there is little doubt in washington about the seriousness of the sick jubilation. the problem is withdrawing government demand from the economy too big spending programs, cuts with a smothering effect on the tax hikes will have been very damaging effect on the was economy and by extension the world economy. people know it is serious, but the politics, we know that the house and senate republicans do not want to increase taxes on anybody, so it is very difficult to see how a package can get through congress, certainly in time for the new year. one guess is that t
it has been reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means...
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Dec 27, 2012
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they want to extend tax cuts on incomes below $250,000, prolong unemployment benefits and delay those sweeping spending cuts. while many republicans oppose new taxes for anyone, senator kay bailey hutchison says she's looking for compromise, alluding to house speaker john boehner's plan "b" that was met with stiff opposition from his own party. >> i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that, and i don't think we need that kind of shock to the system. however, i've talked to some of my democratic colleagues, and they are saying maybe in the $400,000 or $500,000 category we could set a benchmark. i do think it is essential that we start talking about what amount can be passed on a bipartisan basis, because you know, i'm one who believes you shouldn't tax anyone right now. i would have supported plan "b." >> according to a gallup poll, americans are less optimistic that washington will strike a deal. 50% now believe an agreement is likely, an eight-point drop from earlier this month. president obama, meanwhile, will be back in washin
they want to extend tax cuts on incomes below $250,000, prolong unemployment benefits and delay those sweeping spending cuts. while many republicans oppose new taxes for anyone, senator kay bailey hutchison says she's looking for compromise, alluding to house speaker john boehner's plan "b" that was met with stiff opposition from his own party. >> i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that, and i don't think we need that...
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and i can rrt that we've reached an agreement on all of the tax, the tax issues. >> so, why the delay in the senate vote tonight? according to senate majority leader they still have to get a price tag from congressional budget office. as to the rest of the substance of the bill here is what we know. the measure raising taxes by $600 billion over 10 years compared with policies that expire midnight monday and would delay would two months those spending cuts slashing the budgets of the pentagon and a lot of domestic programs as well. and we've got a lot of other highlights but get down into the weeds and it's virtually unfathomable especially if you've hd a bottle of champagne or two. >> tailor swift just came on the stage behind us. >> is it over? >> base ond what we heard today, her taxes are going up, she's not happy bit. >> doug, god bless you for being here as late as you are. it's not our fault. >> it's true. >> you come back if there is news, okay? thank you. >> okay. >> happy new year to you. >> and people who are staying home now, watching times square on new year's eve, do the
and i can rrt that we've reached an agreement on all of the tax, the tax issues. >> so, why the delay in the senate vote tonight? according to senate majority leader they still have to get a price tag from congressional budget office. as to the rest of the substance of the bill here is what we know. the measure raising taxes by $600 billion over 10 years compared with policies that expire midnight monday and would delay would two months those spending cuts slashing the budgets of the...
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Dec 25, 2012
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more in taxes. >>> the excon who lured firefighters to their deaths left a note saying he wanted to burn down the neighborhood and do what i like doing best, killing people. >> we are being shot at. multiple fireman down, i'm shot. >> that was a call that a wounded firefighter made, william spangler burned his home yesterday and waited for first responders. he was armed a gun, a shot gun and a rifle. he opened fire when crews arrived. arrived. two firefighters were killed. >> just always there for you. you just take them for granted. you don't -- >> two more wounded are still in the hospital on this christmas day. spangler took his own life. his rifle is the same make and caliber weapon used by the newtown shooter. >>> families in connecticut are trying to find solace on this christmas day. the town is still reeling from the shooting that killed 26 people at the sandy hook elementary more than a week ago. residents say it's important to still celebrate christmas. >> fortunately we have many, many kids that are still here. it's all about them and being with family. we take one hour a
more in taxes. >>> the excon who lured firefighters to their deaths left a note saying he wanted to burn down the neighborhood and do what i like doing best, killing people. >> we are being shot at. multiple fireman down, i'm shot. >> that was a call that a wounded firefighter made, william spangler burned his home yesterday and waited for first responders. he was armed a gun, a shot gun and a rifle. he opened fire when crews arrived. arrived. two firefighters were killed....
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the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a breakdown in negotiations today, because republicans wanted those benefit cuts to social security. and democrats said no way. and that was the sticking point and that's when this thing moved from the senate over to biden and mcconnell where it is and will be overnight. we're not going to know until tomorrow morning if they come up with something. >> yes, and the senate went home, obviously. here's my question. i know we're americans, we're very myopic, we like to think everything is just about us here. this isn't just about americans,
the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a...
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Dec 28, 2012
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tax to 7.5% for four years. california voters okayed the hike to safe schools from deeper cuts. >> i have a 17-year-old daughter and grandchildren going to be in school. whatever we've got to do, we'll dig in deeper to help. >> not everyone is happy with another tax hike. >> in the looking forward to it. this n reason for it to improve things but i never see it going towards that. >> also, help for senior citizens modeled after the amber alert a silver alert for anyone 65 or older who is missing and in great danger because of the medical conditions like alzheimer's. families typically have to wait 24 hours to file a report. >> silver alert law just super sides all of that. and puts the enforcement into action. looking for senior who's are lost. >> and in 2013 changing some driving laws. lots of californians using smart phones you'll be able to whip out proof of insurance on those devices. mike dobson loves this idea. >> is. >> this is with you all the time what. a wonderful thing f you vit with you, we can have
tax to 7.5% for four years. california voters okayed the hike to safe schools from deeper cuts. >> i have a 17-year-old daughter and grandchildren going to be in school. whatever we've got to do, we'll dig in deeper to help. >> not everyone is happy with another tax hike. >> in the looking forward to it. this n reason for it to improve things but i never see it going towards that. >> also, help for senior citizens modeled after the amber alert a silver alert for anyone...
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Dec 30, 2012
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and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about competitiveness. let's detail that. low capital gains is important to our nation's competitiveness. but also, to the competitiveness of these companies that we are talking about. >> absolutely. let's say that you are a young indian or chinese entrepreneur with a science degree or engineering degree and you gradua from mit. you want to start a high-tech company. would you started in the united states, where you're getting from your company years down the road will be taxed at 30%, or would you started in china or india where the capital gains tax rate is zero? many of our major partners have zero
and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about...
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Dec 28, 2012
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meeting, president obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only reason why democrats have been trying to defect -- deflect attention over the past few weeks is they did not have a plan of their own. >> the path for the rest in the hands of the senate. house republican leaders say they will take action on whatever bill can pass the chamber. if there is a breakthrough, the legislation will not pass until the 11th hour or because house members to not return here until sunday night. abc news washington. >> new word on a potential dockworkers' strike that could cripple the nation's economy. the mediator now says contract with the longshoremen on the east and gulf coast have been extended for 30 days. thousand
meeting, president obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only reason why democrats...
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Dec 26, 2012
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raise taxes. so without getting too far into the weeds they're trying to find a method to prevent the more dangerous economic issues from taking effect but at the same time reduce the political pressure on those, particularly conservatives who don't want to raise taxes. >> we just lowered your taxes, we let it go up then lowered it so we're the good guys. the question i don't think anybody gets, they're coming back tomorrow. the president, congress is coming back from vacation. and there's not a bill to be had. >> that's right. i think that you step back from there and we in washington say they never come to an agreement at the very end. now we're at the end and they don't have an agreement. americans think are these people knuckleheads, unable to do anything right? it's a tremendous blow to the credibility, particularly of congress, if we go off the fiscal cliff and then go to all these shenanigans to patch something together. >> ken walsh, chief white house correspondent dante for u.s. news and
raise taxes. so without getting too far into the weeds they're trying to find a method to prevent the more dangerous economic issues from taking effect but at the same time reduce the political pressure on those, particularly conservatives who don't want to raise taxes. >> we just lowered your taxes, we let it go up then lowered it so we're the good guys. the question i don't think anybody gets, they're coming back tomorrow. the president, congress is coming back from vacation. and...